Shi’ite Muslim Iran and Sunni Saudi Arabia are enmeshed in a struggle for influence across the Middle East and they support opposing sides in political disputes across the region.
Dubai’s bourse dropped 1.2 per cent as most stocks pulled back while heavyweights such as Emaar Properties and Arabtec Holding fell slightly.
The lender said that its board had decided against issuing the convertible “due to uncertainty regarding its eligibility as an additional Tier 1 instrument”.
The official said that the fall in oil prices will not deeply impact UAE’s GDP growth since the country is economically diversified with oil accounting for less than 30 per cent of the GDP.
Around 20 per cent of the employees polled in the UAE said that IT security policies made it harder for them to do their job, a new survey shows.
The lender said it made SAR461.8 million ($123.1 million) in the three months to September 30 compared with SAR433.3 million in the corresponding quarter of 2013.
The company made OMR5.3 million ($13.8 million) in the three months to Sept. 30, compared with OMR4.5 million in the corresponding period of last year.
The cement producer made a net profit after tax of OMR2.3 million ($6.0 million) in the three months to Sept. 30, compared with OMR3.8 million in the corresponding period of 2013.
Emaar said the sale of the land, which is yet to be concluded, was in the “normal course of business”.
Five passengers with flu-like symptoms were removed from the Emirates flight that arrived at Boston Airport on Monday.
Strikes destroyed a machine gun firing position, a militant unit, damaged a staging location and several buildings.
The bank said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.
Currently around 30 public entities are offering their services on mobiles, a senior official confirmed.
The move is expected improve the ratings on the happiness index that was launched by Sheikh Mohammed earlier this week.
The projected federal spending of Dhs49.1 billion is up from Dhs46 billion in the original budget for 2014.
The contract, secured by Agility Defense and Government Services, will run from October 2014 to April 2016, the company said in a statement.
The Saudis now appear to be betting that a period of lower prices will be necessary to pave the way for higher revenue in the medium term.
Kuwait’s oil minister Ali al-Omair said that cutting output would not necessarily prop up prices.
Today’s trio takes the French Group’s Middle East portfolio to 100 hotels
Dubai plunged 6.7 per cent, Abu Dhabi slid 2.1 per cent and Qatar dropped 2.7 per cent.
Almarai made a profit of SAR539.4 million ($143.8 million) in the three months to Sept. 30, up from SAR475.6 million in the year-earlier period
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Qatar has provided around $7.5 billion in loans and grants during ex-president Mohammed Mursi’s year in power.
Etihad and Air Berlin have in the past shared codes on flights to around 60 destinations, meaning their number of shared flights will more than halve.
The lack of a Saudi cut could add to perceptions of traders and analysts that the Kingdom is looking to defend market share, not prices.
After gaining European safety approval for the A350 last month, Airbus is now working to get the cabin furnishing ready for Qatar Airways.
After five years without an IPO of notable size, Emaar Malls Group attracted orders worth more than $47 billion for its $1.58 billion Dubai listing last month.
As the UAE’s shifts to omni-channel retail, industry players will have to innovate to keep pace.
Rajab is accused of “insulting the the Interior and Defence Ministries” through his social media account.
The upcoming mega Dubai Parks and Resorts project features five theme parks including Hollywood and Bollywood-inspired parks.